Maharashtra State BoardHSC Commerce 12th Board Exam
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Write Short Answer of the Following. What Do You Mean by Consumer? - Organisation of Commerce and Management

Short Note

Write short answer of the following.
What do you mean by Consumer?

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Solution

A consumer is the final user of goods or services produced in an economy. He may be an individual, a household or even a group within an economy. In other words, consumers are all individuals who use goods with the approval of the seller; but, not for resale or commercial purposes.
As per the Consumer Protection Act, a consumer is defined as follows:
• Any individual who purchases any good for a consideration, which he has paid for or promised to pay; partly paid and partly promised or promised to pay in instalments. It includes all individuals who use the goods with the approval of the seller. However, those individuals who purchase the goods for the purpose of resale or for commercial purposes are not considered as consumers.
• Any individual who avails any service or hires a service for which he has paid or promised to pay; partly paid and promised to pay the remaining part. It includes all individuals who have availed the service with the approval of the seller and not includes people who avail services for commercial purposes.

Concept: Consumer Awareness
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APPEARS IN

Micheal Vaz Organisation of Commerce and Management (OCM) HSC 12th Standard Maharashtra State Board
Chapter 5 Consumer Protection
Write short answer of the following. | Q 4 | Page 138
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